Chinese Investors Buy AC Milan For $820 Million

Italian businessman and former prime minister Silvio Berlusconi has agreed to sell famous soccer club AC Milan to a Chinese consortium for 740 million euros ($820 million).

Despite a recent slump, AC Milan is one of Europe's elite football clubs. It has won the European Cup and UEFA Champions League seven times, a record beaten only by Spain's Real Madrid.

According to a preliminary agreement with Berlusconi's Fininvest holding company, the new Chinese owners have promised to pump 350 million euros into the club over three years, with the first 100 million euros due when the deal closes later this year.